>>2030083the recommended bottom bracket for the altus FC-M311 is only half a millimeter different, so I'm going to say it's good.
other anon is right that the derailleur may need to be moved down and readjusted, and the chain length may need a link or so removed, but the spindle length should be golden, at least . he may be right that you really won't know for sure until you fit it. I'm just going by the numbers.